Crude’s Wild Quarter Puts Big Oil Trading Desks in Spotlight

Big oil companies are forecast to post their lowest quarterly profits in four years after geopolitics whipsawed prices and left some of their traders on the wrong side of the volatility.

Crude rallied 31% over a seven-week stretch in May and June, then plunged to end the quarter 10% lower than where it began as President Donald Trump’s trade war and OPEC+’s supply increases outweighed the surge from Israeli and US attacks on Iran. The wild swings caused diverging performance at Shell Plc and BP Plc, which have larger trading divisions than their US rivals.